What is defined as an "abstract of title"?

An abstract of title is a concise summary that outlines the legal history of a specific property. It includes essential details such as previous ownership, liens, encumbrances, and any legal claims associated with the property. This document serves as a vital reference for potential buyers, real estate professionals, and title companies to determine the property's marketability and to understand any legal complexities that may exist.

The purpose of an abstract of title is to provide a streamlined view of the property's title that highlights important elements without delving into extensive documentation. Understanding this legal history is crucial for ensuring that the transfer of ownership is clear of disputes or unresolved issues.

In contrast, a summary of market trends pertains to broader market analysis, which focuses on real estate activity and does not address individual property histories. A complete title report includes more detailed information and legal assurances than what an abstract typically provides, while a document detailing rental agreements would be unrelated to the title history of a property.